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Newsletters
When and how to dispute your Notice of Assessment
Of the 17 million individual income tax returns for the 2022 tax year filed with the Canada Revenue Agency (CRA) by the middle of April 2023, no two were identical. Each return contained its own parti...
When debt becomes a problem – where (and where not) to turn for help
The fact that Canadian households and families have been living with a significant amount of financial stress for the past year or so isn’t really news. Eight interest rate hikes in the past 14 mont...
When you make a mistake on your (already filed) tax return
The vast majority of Canadians view completing and filing their annual tax return as an unwelcome chore, and generally breathe a sigh of relief when it’s done for another year. When things go entire...
Avoiding (or minimizing) the OAS clawback (April 2023)
There are a number of income sources available to Canadians in retirement. Those who participated in the work force during their adult life will have contributed to the Canada Pension Plan and will be...
What to do when you can’t pay your tax bill (April 2023)
Fortunately for the Canadian taxpayer, most individual income tax returns filed result in the payment of a tax refund to the tax filer. Notwithstanding, a significant number of taxpayers find, on comp...
What to expect when you hear from the Canada Revenue Agency (April 2023)
Most Canadians live their lives with only very infrequent contact with the tax authorities and are generally happy to keep it that way. Sometime between mid-February and the end of April (or June 15 f...
Some tax filing strategies for the 2022 return (April 2023)
It is an axiom of tax planning that the best year-end tax planning begins on January 1. And while it’s true that opportunities to make a significant dent in one’s tax payable for the year diminish...
New Quarterly Newsletters (Q1 2023)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
Claiming a deduction for union or professional dues (March 2023)
Most Canadians deal with our tax system only once a year, when it’s time to complete and file the annual tax return. That return form – the T1 Individual Income Tax Return – is eight single-spac...
How and when to file your 2022 tax return (March 2023)
For many years, the Canada Revenue Agency (CRA) has been encouraging Canadian taxpayers to file their returns online, through the CRA’s website. And that message has clearly been heard, as the most ...
What’s new on the tax return for 2022? (March 2023)
The obligation to complete and file a tax return – and to pay any balance of taxes owed – recurs each spring with what probably seems to many taxpayers to be annoying regularity. That said, howeve...
Claiming home office expenses for 2022 - and planning for 2023 (March 2023)
As the pandemic dragged on into 2022, many employees continued to work from home for pandemic-related reasons. And probably at least as many employees reached an agreement with their employer that the...
Planning for the new First Home Savings Account (February 2023)
Just about a year ago, in the 2022-23 budget, the federal government announced a number of measures to help Canadians who are trying to put together a down payment for the purchase a first home. The m...
RRSPs and TFSAs - deciding where to contribute (February 2023)
For most taxpayers, the first few months of the year are a seemingly unending series of bills and payment deadlines. During January and February, many Canadians are still trying to pay off the bills f...
How to respond to a tax instalment notice (February 2023)
Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency. That mail, a “Tax Instalment Reminder”, will set out the amount of instalment payment...
Reducing the 2022 tax bill - some tax filing strategies for those over age 65 (February 2023)
2022 was a year of almost unrelenting bad financial news for Canadians, but perhaps no group was more affected by those changes than retirees who rely on income from unindexed pensions and from return...
Employment Insurance Premiums for 2023 (January 2023)
The Employment Insurance premium rate for 2023 is set at 1.63%....
Québec Pension Plan contributions for 2023 (January 2023)
The Québec Pension Plan contribution rate for 2023 is set at 6.40% of pensionable earnings for the year....
Canada Pension Plan Contributions for 2023 (January 2023)
The Canada Pension Plan contribution rate for 2023 is set at 5.95% of pensionable earnings for the year....
Federal individual tax credits for 2023 (January 2023)
Dollar amounts on which individual non-refundable federal tax credits for 2023 are based, and the actual tax credit claimable, will be as follows:...
Federal individual tax rates and brackets for 2023 (January 2023)
The indexing factor for federal tax credits and brackets for 2023 is 6.3%. The following federal tax rates and brackets will be in effect for individuals for the 2023 tax year....
Tax deadlines and limits for the 2023 tax year (January 2023)
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning strategies. Some of the more significant dates and chang...
New Quarterly Newsletters (Q4 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
Income smoothing in retirement - strategies to minimize the OAS clawback (December 2022)
Canada’s retirement income system is often referred to as a three-part system. Individuals earning income from employment or self-employment can contribute to a registered retirement savings plan (R...
Changes in tax treatment of employee holiday celebrations and gifts (December 2022)
As the pandemic continues to wane, traditional employer-sponsored holiday social events have once again become a reality – although, as in all aspects of pandemic life, such events will likely be a ...
Repaying individual pandemic benefits (December 2022)
The worst of the COVID-19 pandemic which began almost three years ago is now (hopefully) behind us. That doesn’t mean, however, that Canadians aren’t still dealing with the unwelcome consequences ...
The tax year is ending - some planning steps to take before December 31 (December 2022)
For individual Canadian taxpayers, the tax year ends at the same time as the calendar year. And what that means for individual Canadians is that any steps taken to reduce their tax payable for 2022 mu...
Looking ahead to 2023 – getting source deductions right from the start (November 2022)
For most Canadians, tax planning for a year that hasn’t even started yet may seem too remote to even be considered. However, most Canadians will start paying their taxes for 2023 with the first payc...
Planning for home office expense claims for 2022 (November 2022)
Over the past three years, the structure of work-from-home arrangements for employees has been a constantly changing landscape. In 2020, almost all employees who could work from home were required to ...
A new tool for retirement income planning (November 2022)
The majority of Canadians who are not members of an employer-sponsored defined benefit registered pension plan save for retirement through a registered retirement savings plan (RRSP). For those Canadi...
Year-end planning for medical expense claims (November 2022)
While the current state of the Canadian health care system is not without its problems, Canadians are nonetheless fortunate to have a publicly-funded health care system, in which most major medical ex...
New Quarterly Newsletters (Q3 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
New Quarterly Newsletters (Q2 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
The new Multi-Generational Home Renovation Tax Credit (October 2022)
The fact that Canada is in the middle of a housing crisis isn’t really news to anyone. Whether it’s having difficulty finding an affordable apartment or putting together enough money for a down pa...
Coming clean with the taxman - the Voluntary Disclosure Program (October 2022)
The Canadian tax system is a “self-assessing system” which relies heavily on the voluntary co-operation of taxpayers. Canadians are expected (in fact, in most cases, required) to complete and file...
Year-end planning for your RRSP, RRIF, and TFSA (October 2022)
Most Canadians know that the deadline for making contributions to one’s registered retirement savings plan (RRSP) comes 60 days after the end of the calendar year, around the end of February. There ...
How Canadian households are (or aren’t) coping with financial stress (October 2022)
Since early 2022, the finances of Canadian households have been hit with what Statistics Canada has called a “trifecta of market challenges”, which increasingly stretched and squeezed the efforts ...
Proposed changes to principal residence exemption in 2023 (September 2022)
One of the most valuable tax and investment strategies available to Canadians is home ownership. While the real estate market can (and does) go and up down, home ownership has proven to be, over the l...
The CPP post-retirement benefit - deciding whether to continue contributing (September 2022)
Transitioning into retirement is a complex process, one which involves decisions around finances (present and future) as well as one’s way of life. While it was once typical for an individual to wor...
Tax breaks for the upcoming post-secondary school year (September 2022)
This year, for the first time since 2019, most (if not all) post-secondary students will be preparing to go to (or return to) university or college for in-person learning. While that’s an exciting p...
Finance releases details of First Home Savings Accounts (September 2022)
In this year’s budget, the federal government announced a number of measures to help Canadians who are trying to put together a down payment for the purchase of a first home. The most significant of...
When the taxman has a few questions about your return (August 2022)
By the beginning of August almost every Canadian has filed his or her income tax return for the previous year and has received the Notice of Assessment issued by the Canada Revenue Agency (CRA) with r...
Application process for business pandemic relief programs still open (August 2022)
Canadian businesses should be aware that, while many programs which provided payroll or expense supports for businesses during the pandemic ended on May 7, 2022, there is still a program in place to h...
Managing debt in a rising interest rate environment (August 2022)
Since 2009, Canadians have been living (and borrowing) in an ultra-low-interest-rate environment. Between January 2009 and January 2022, the bank rate (from which commercial interest rates are determi...
How to respond to a first Instalment Reminder from the Canada Revenue Agency (August 2022)
By the time August 2022 arrives, virtually all individual Canadians have filed their income tax return for the 2021 tax year, have received a Notice of Assessment from the tax authorities with respect...
Claiming a deduction for summer child care costs (July 2022)
As pandemic restrictions ease, the option of sending kids to summer camp is once again a realistic one and, for both kids and parents, the possibility of doing so must be particularly welcome this yea...
The start of a new federal benefit year – claiming your child and family benefits (July 2022)
At a time when Canadian households are coping simultaneously with rising interest rates and an inflation rate which recently hit its highest point in nearly four decades, every dollar of income counts...
Paying the piper – the CRA starts collection of pandemic benefit overpayments (July 2022)
When a public health emergency was declared in March of 2020, the focus for the federal government was getting pandemic benefits into the hands of eligible recipients as quickly as possible, to help m...
Creating cash flow from home equity (July 2022)
If Canadians have the feeling that they are being squeezed from all sides when it comes to household finances, it’s because they are. In 2022 Canadian consumers have been hit by a double whammy of t...
Making sure your taxes for 2022 are on track (June 2022)
Many, if not most, taxpayers think of tax planning as a year-end exercise to be carried out in the last few weeks of the year, with a view to taking the steps needed to minimize the tax bill for the c...
Claiming a deduction for moving expenses (June 2022)
While recent increases in interest rates have put something of a damper on home sales, the Canadian real estate market was booming in the first quarter of 2022. According to Canadian Real Estate Assoc...
Disputing your Notice of Assessment (June 2022)
Of the 27 million individual income tax returns already filed with the Canada Revenue Agency for the 2021 tax year, no two were identical. Each return contained its own particular combination of types...
Rising interest rates and the mortgage stress test (June 2022)
Over the past several years, would-be buyers in the Canadian residential real estate market have been faced with two realities. First, the cost of homes continued to increase significantly in virtuall...
Where things stand with pandemic benefit programs for individuals (May 2022)
Since the beginning of the pandemic in March 2020, the federal government has provided a wide range of pandemic benefit programs for individuals. In the main, those programs have acted to replace inco...
Deciding when to start receiving Old Age Security benefits (May 2022)
Canada’s retirement income system has three major components – private savings through registered retirement savings plans or registered pension plans, and two public retirement income plans – t...
Making home ownership a little more accessible (May 2022)
The difficulties faced by younger Canadians in buying a first home almost anywhere in Canada, owing to both the spiraling cost of real estate and, more recently, increases in interest rates, is a majo...
When you make a mistake on your tax return (May 2022)
For the majority of Canadians, the due date for filing of an individual tax return for the 2021 tax year was Monday May 2, 2022. (Self-employed Canadians and their spouses have until Wednesday June 15...
New Quarterly Newsletters (Q1 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
How to not fall victim to a tax scam (April 2022)
It is a sad fact that, every year, thousands of Canadians become the victims of scams in which fraud artists claim to be representatives of the federal government. Equally sadly, in most cases the mon...
What to do when you can’t pay your tax bill on time (April 2022)
Most taxpayers sit down to do their annual tax return, or wait to hear from their tax return preparer, with some degree of trepidation. In most cases taxpayers don’t know, until their return is comp...
How to pay your taxes for 2021 (April 2022)
Our tax system is complex and, understandably, its myriad rules and exceptions are a mystery to most Canadian taxpayers – and most are happy to leave it that way. There is however, one rule in the C...
Some last-minute tax filing strategies - what to claim and what to defer (April 2022)
Most Canadians don’t turn their attention to their taxes until sometime around the end of March or the beginning of April, in time to complete the return for 2021 ahead of the May 2, 2022 filing dea...
How and when to file your 2021 tax return (March 2022)
Each year, the Canada Revenue Agency (CRA) publishes a statistical summary of the tax filing patterns of Canadians during the previous filing season. Those statistics for last year show that the vast ...
Claiming medical expenses for 2021 (March 2022)
The Canadian tax system provides individual taxpayers with a tax credit for out-of-pocket medical and para-medical expenses incurred during the year. Given that such expenses must be incurred at some ...
What’s new on the return for 2021? (March 2022)
While the requirement that Canadians file an income tax return each year never changes, the actual content of that return is never the same year to year. While many of the changes — like inflation-r...
Figuring out the taxation of pandemic benefits (March 2022)
The list of financial assistance programs that have been provided by the federal government to support individual Canadians through two years of the pandemic is lengthy, detailed, and sometimes confus...
Responding to a tax instalment reminder from the CRA (February 2022)
Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency (CRA). That mail, a “Tax Instalment Reminder”, will set out the amount of instalment p...
Taking advantage of pension income splitting (February 2022)
Income tax is a big-ticket item for most retired Canadians. Especially for those who are no longer paying a mortgage, the annual tax bill may be the single biggest expenditure they are required to mak...
RRSPs and TFSAs: making the annual choice (February 2022)
If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions to one’s registered retire...
Claiming home office expenses for 2021 (February 2022)
As the pandemic continued past 2020 and through 2021, it is likely that employees who were able to work from home spent at least part of the 2021 tax year doing just that. And, as was the case in 2020...
Employment Insurance Premiums for 2022 (January 2022)
The Employment Insurance premium rate for 2022 is unchanged at 1.58%....
Quebec Pension Plan contributions for 2022 (January 2022)
The Quebec Pension Plan contribution rate for 2022 is set at 6.15% of pensionable earnings for the year....
Canada Pension Plan Contributions for 2022 (January 2022)
The Canada Pension Plan contribution rate for 2022 is set at 5.7% of pensionable earnings for the year....
Federal individual tax credits for 2022 (January 2022)
Dollar amounts on which individual non-refundable federal tax credits for 2022 are based, and the actual tax credit claimable, will be as follows:...
Federal individual tax rates and brackets for 2022 (January 2022)
The indexing factor for federal tax credits and brackets for 2022 is 2.4%. The following federal tax rates and brackets will be in effect for individuals for the 2022 tax year....
New Quarterly Newsletters (Q4 2021)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
A New Consulting Division at Lund & Associates … Services Relating to the Sale of a Business
We are excited to announce that we are expanding at Lund & Associates to include a consulting division to offer services relating to the planning for and actual sale of a business at a maximum value.
We have developed expertise in this area over several years as we have been working with owner-managers right through their business cycle from start-up to eventual sale of the business. In most cases planning for the sale of a business should begin several years before the planned sale date. If you, or anyone you know, are interested in discussing how we can help you prepare for the Sale of a Business, please contact Brad Lund at bradl@lundandassociates.com .
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